NYC Comptroller Calls for Audit of Banks’ Foreclosures
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New York City Comptroller John C. Liu, who oversees the $106 billion city pension funds, said directors of the four biggest U.S. banks should conduct independent audits of their mortgage and foreclosure practices.
Liu filed shareholder requests with the audit committees of Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. to conduct the reviews and report their results and recommendations by Sept. 30, according to a statement. The city’s pension funds held $1.77 billion in shares of the lenders through yesterday, according to Michael Loughran, a spokesman for Liu.